Infrastructure Acquisitions in 2021

Huron Capital completed the acquisition of TriStruX, a national provider of telecom infrastructure services formed from the 2020 merger of Telcom Engineering Group, Leone Electric Corporation and High Point Utilities. The deal creates a telecom infrastructure services platform to support 5G and fiber deployment nationwide, with TriStruX founders remaining in management and holding minority stakes.

Blue Point Capital Partners has made a platform investment in National OnDemand, a Burlington, North Carolina-based communications and utility infrastructure services provider. The founders retain significant ownership and management roles; the investment will support continued organic growth and accelerated add-on M&A to expand National OnDemand's services and geographic footprint.

Northleaf Capital Partners and family office AVALT acquired a majority interest in AMAROK, LLC from Snow Phipps Group, with AMAROK management retaining a minority stake. AMAROK, based in Columbia, South Carolina, operates approximately 5,000 solar-powered electric fence and perimeter security sites across the continental United States under ongoing service and maintenance agreements. Financial terms were not disclosed; Golub Capital provided debt financing for the transaction.

ClockSpring|NRI, a portfolio company of Wind Point Partners, has acquired the Fyfe North America and Fyfe Europe business from Aegion Corporation. The deal adds Fyfe's patented fiber-reinforced polymer (FRP) systems and Tyfo solutions to ClockSpring|NRI's critical infrastructure portfolio to expand capabilities in civil/structural strengthening and water transmission pipeline rehabilitation.

3i Infrastructure plc has acquired SRL Traffic Systems from mid-market private equity firm LDC. SRL, a Cheshire-headquartered equipment-as-a-service provider of portable and temporary intelligent traffic lights and VMS, has grown revenues and fleet materially under LDC and will be backed by 3i Infrastructure to support the next phase of expansion.

Revive Infrastructure Group, backed by Sileo Capital with support from Brightwood Capital, acquired the assets of Darrah Contracting, a Missouri-based utility contractor. The add-on expands Revive/Excel’s Missouri footprint by adding more than 25 employees, 50+ pieces of equipment, and additional master service agreement work to increase recurring revenue.

I Squared Capital has completed the acquisition of KIO Networks, Mexico’s largest data center operator and a leading digital infrastructure service provider with operations across Mexico, Central America, the Caribbean and Spain. The deal expands I Squared Capital’s digital infrastructure platform in Latin America by adding KIO’s data center footprint, managed cloud, cybersecurity and managed services capabilities.

Bernhard Capital Partners has completed the acquisition of RailWorks Corp., a leading North American rail infrastructure solutions provider, from Wind Point Partners. Bernhard Capital will support RailWorks' continued growth in track construction, signals and communications, and maintenance services while RailWorks' management team, led by President and CEO Kevin Riddett, remains in place.

MiddleGround Capital, an operationally focused private equity firm, has acquired Lindsay Precast, a designer and manufacturer of engineered precast concrete structures serving water/wastewater, utility, solar, transportation and government end markets. The deal represents MiddleGround's first platform investment in Fund II as it establishes a platform in the infrastructure supply chain and seeks growth opportunities across aged infrastructure, renewable energy, and distributed generation.

Tiger Infrastructure Partners acquired a controlling interest in IC Alaska Airport LLC, which has been renamed NorthLink Aviation, to fund and develop a 120-acre air cargo terminal at Ted Stevens Anchorage International Airport under a 55-year lease. The investment will finance construction of a purpose-built cargo terminal with warehouses, fueling and deicing infrastructure and support services to capitalize on growing trans-Pacific air cargo volumes.

Inframark LLC has merged with ESG Operations, Inc., combining Inframark’s national infrastructure management capabilities with ESG’s regional water, wastewater and public works operations to form Inframark-ESG. The transaction creates a larger full-service infrastructure O&M and management platform focused on water and wastewater systems across the United States.

Crestone Services Group, a Denver-based communications and utility infrastructure platform, has acquired Americom Technology, Inc., a West Valley City, Utah provider of fiber-optic, power/utility and ISP cabling services and data center design. Americom will continue to operate under President and Founder Pat Richter; the deal expands Crestone's footprint across the Mountain West as an add-on to its existing West Division.

Volkert, a national engineering and consulting firm, has acquired Kennedy Engineering & Associates Group, LLC (KEA Group), a Atlanta-based transportation engineering firm that provides planning, design, environmental, CEI services and CHAMP dispatch support. The acquisition expands Volkert’s presence in Georgia and Florida and adds KEA’s specialized services and client relationships with federal, state and municipal agencies.

LightEdge, a GI Partners-backed hybrid cloud and colocation provider, has acquired Cavern Technologies, a Lenexa (Kansas City) underground colocation and data center provider. The deal expands LightEdge's footprint into the Kansas City market and adds Cavern's underground, enterprise-grade colocation capacity and managed connectivity offerings to LightEdge's hybrid-IT platform.

Digital 9 Infrastructure plc (D9) has acquired Verne Global, a provider of 100% renewable-powered data center services based in Iceland, in a cash deal valued at approximately £231 million. The acquisition expands D9's digital infrastructure portfolio with a high-performance, low-carbon data center campus serving AI, HPC and enterprise customers.

Grain Management, LLC has acquired Young's Communications, LLC (Y-COM), a Melbourne, Florida-based provider of telecommunications, utility, and power infrastructure construction and maintenance services. The transaction (announced August 2021) transfers ownership from Cotton Creek Capital to Grain, positioning Y-COM to scale its infrastructure services capabilities across Florida and the southeastern United States under Grain's broadband-focused platform.

EQT Infrastructure V will co-invest alongside EQT Infrastructure IV to take equal ownership stakes in data center operator EdgeConneX. The co-investment is intended to support EdgeConneX’s growth plan — including expanding its footprint in key markets, winning additional customer contracts, and pursuing accretive M&A — with the transaction expected to close in Q3 2021.

Crestone Services Group, a Denver-based communications and utility services platform, acquired Dillie & Kuhn (a turnkey communications contractor in Southern Colorado) and Agave Underground Utility (an underground specialty contractor in Phoenix, Arizona). The transactions are add-on acquisitions to expand Crestone's capacity and market share across Southern Colorado, New Mexico and Arizona and to bolster its Arizona business (DSI) for increased FTTP and 5G wireline work.

Ontario Excavac Inc., a Market Square Equity Partners portfolio company headquartered in Vaughan, Ontario, has been sold to an undisclosed North American infrastructure investor. The transaction — advised by Brown Gibbons Lang & Company and Crosbie & Company Inc. — was completed for undisclosed terms and transfers the leading underground utility services platform to the unnamed buyer.

Ridgemont Equity Partners completed an acquisition of Sparus Holdings, a provider of outsourced field and professional services for utility and industrial customers, in March 2021. Ridgemont's investment will support the build-out of a scaled, end-to-end utility services platform and Sparus has since acquired OneVision Utility Services to expand its utility locate and damage prevention capabilities.

Quantela has acquired CIMCON Lighting, a Burlington, Massachusetts–based smart lighting and smart city technology company. The acquisition gives Quantela immediate access to CIMCON’s streetlight pole infrastructure and controller deployments, expanding Quantela’s urban infrastructure capabilities and enabling faster rollout of smart-city applications that deliver energy and maintenance cost savings for communities.

Antin Infrastructure Partners has acquired Pulsant, a leading UK data centre and cloud infrastructure provider, from Oak Hill Capital and Scottish Equity Partners. Antin plans to work with Pulsant's management to invest in and expand the company’s regional data centre and cloud capabilities to meet growing demand for edge and cloud services in the UK.

Washington, D.C.-based private equity firm Arlington Capital Partners has completed the acquisition of TRP Infrastructure Services, a Fort Worth, Texas-based provider of roadway marking and traffic control services. The transaction — an exit for prior sponsor MSouth Equity Partners — positions TRP as a platform for Arlington to pursue organic growth and add-on acquisitions across state and local government roadway maintenance and traffic control markets.

Macquarie Capital has formed a strategic partnership and made an equity investment in Prime Data Centers, a developer and operator of wholesale data centers, targeting capital investments in excess of $5 billion over the next 10 years and a project pipeline of roughly 400 MW. Macquarie will contribute its infrastructure investing, development capabilities and green energy platform to help accelerate Prime's development and expansion across the Americas and Europe.

A consortium comprising CDP Equity (51%), Blackstone Infrastructure Partners (24.5%) and funds managed by Macquarie Asset Management (24.5%) has signed a share purchase agreement with Atlantia to acquire 88.06% of Autostrade per l'Italia through a newly created vehicle, Holding Reti Autostradali (HRA). The investors say the transaction will support an extensive investment plan, network upgrades, digitalisation and improved maintenance of ASPI's c.3,000 km toll-road network; closing remains subject to customary conditions and regulatory approvals.

Valterra Partners LLC and fifteenfortyseven Critical Systems Realty LLC partnered to acquire ColoHouse, a Miami-headquartered colocation, cloud and managed services provider, in a transaction that also includes the former Green House Data facility in Orangeburg, New York. The combined business — led by ColoHouse CEO Paul Bint — will operate more than 14 locations across eight countries and will pursue organic growth and accretive M&A to expand its footprint and service offerings.

New Mountain Capital has acquired Qualus Power Services, a provider of engineering and specialized technical field services to utility and private power grid infrastructure, from Mason Wells. Qualus operates from more than 20 field and engineering locations and employs over 600 technical staff; Harris Williams advised Mason Wells on the sale.

Riot Blockchain completed its acquisition of Whinstone US from Northern Data, paying 11.8 million shares of Riot common stock and $80 million in cash. The deal brings North America’s largest Bitcoin mining and hosting facility in Rockdale, Texas under Riot’s control and positions Riot to expand the site to 750 MW to capture operational and energy-cost synergies.

Digital Colony Management, LLC has entered into a definitive agreement to acquire Landmark Dividend LLC, the sponsor that owns the general partner of Landmark Infrastructure Partners LP. Upon closing of the sponsor acquisition, Digital Colony said it intends to submit a proposal to the LMRK board to acquire substantially all of Landmark Infrastructure Partners LP, proposing $13.00 per common unit (valuing LMRK at ~ $972 million).

Frontline Road Safety, a platform backed by The Sterling Group, has acquired PK Contracting, a Troy, Michigan-based pavement marking and safety marking services provider with seven Michigan locations and three Florida locations (operating as McShea Contracting). The deal is Frontline’s sixth add-on since the platform launch in July 2020 and expands the platform’s footprint into Michigan and Florida while retaining PK’s existing management team.

An affiliate of H.I.G. Capital has signed a definitive agreement to acquire a majority stake in Infratech Bau GmbH, a Meppen-based general contractor that builds FTTH broadband networks across northern and western Germany. The founders will remain in management and retain a significant share; H.I.G. said it will support Infratech's nationwide growth organically and through selected acquisitions.

MasTec, Inc. has acquired INTREN, LLC from One Equity Partners for $420 million, including a contingent earnout through year-end 2021. Headquartered in Union, Illinois, INTREN operates as a specialty utilities contractor with approximately 2,000 employees across 14 states and trailing twelve months revenue of about $550 million; MasTec will retain INTREN's brand and integrate its utility distribution capabilities into its infrastructure services.

Fastighets AB Balder has signed an agreement to acquire Asset Buyout Partners (ABP) from private equity backer HitecVision. ABP is a Norwegian industrial real estate company with 106 mission-critical properties serving energy and maritime clusters along the Norwegian coast; the portfolio was transacted at an implied property value of NOK 9,000 million (after deferred tax).

Arcline Investment Management acquired Electric Power Systems (EPS) and North American Substation Services (NASS) from Industrial Growth Partners to create a leading electric infrastructure services platform (now branded Voltyx). Industrial Growth Partners retained a minority stake in the combined business; the deal brings together protection and control engineering, high-voltage apparatus testing, and substation maintenance capabilities to serve utilities, renewable energy, data center and commercial customers.

Global Care Capital Inc. entered into a share exchange agreement to acquire all issued and outstanding securities of CCM Technologies Inc., a cryptocurrency mining and blockchain infrastructure company. Global Care will issue common shares and warrants as consideration; closing was subject to regulatory and shareholder approvals and intended to provide Global Care shareholders exposure to cryptocurrency mining infrastructure.

Serverfarm, together with long-term partner NantWorks, acquired the 117,500 sq. ft. LAX1 data center in El Segundo, California (previously operated by T5). The acquisition expands Serverfarm’s owned and managed portfolio in the Los Angeles market and enables modernization and sustainability upgrades using its InCommand DMaaS platform to serve hyperscale, healthcare, government and media tenants.

Partners Group has acquired Resilient Infrastructure Group, a Portland-based water infrastructure platform that develops, finances and operates distributed water and wastewater facilities across the US and Canada. Financial terms were not disclosed; Partners Group said it will work with Resilient’s management to expand the platform through development projects, acquisitions and strategic partnerships, and noted Resilient has closed an investment in a wastewater-to-renewable natural gas project at Threemile Canyon Farms in Oregon.

Rutland Partners has completed an investment in JSM Group, a UK infrastructure services provider focused on digital communications and power-sector connections. Rutland will partner with JSM co‑founders to support growth, enhance the company's platform and expand capabilities across fibre, mobile, datacentre connectivity and high‑voltage connections.

Frontline Road Safety (a platform backed by The Sterling Group) has acquired Hi-Lite Airfield Services, LLC from Mangrove Equity Partners. Hi-Lite, a North American provider of airfield pavement maintenance, rubber removal, pavement marking and friction testing services, will be integrated into Frontline to expand its airfield capabilities and scale under a larger platform.

The Shaughnessy Group announced the completion of a sell-side mandate for an integrated provider of water infrastructure solutions in January 2021. The transaction implemented a succession plan for the company's principal shareholder; the buyer was not disclosed and legal and tax advisors on the deal included Stikeman Elliott, Gowling WLG, MNP and RLB.

BBH Capital Partners has acquired DynaGrid Holdings LLC from Dallas-based private equity firm CIC Partners. DynaGrid, a Dallas-area provider of subgrade and sitework services for electric utility transmission infrastructure, will keep co-founders Charlie Ferrara and Kendrew Witt in their current roles with continued significant ownership.

Encore Dredging Partners LLC (EDP), backed by Austin-based private equity firm AV Capital, has acquired Inland Dredging Company LLC. The deal brings Inland's three 24-inch cutter suction dredges and Dyersburg, Tennessee-based team into EDP's platform as it pursues geographic expansion and capability enhancement across U.S. navigable waterways; Inland's existing management will remain in place.

THI Investments, a family-owned pan‑European private equity investor, has acquired a majority ownership stake in WJ Group, the UK’s leading specialist road marking and highway products and services business. The investment will support WJ Group's continued growth, investment in innovation and technology, and geographic expansion across the UK and into European markets.